April 17, 2020
The Meridian Group, headquartered in Bethesda, MD, has acquired a pair of Class B Tysons Corner, VA office buildings from Colony Capital for a combined $58.25 million, the Washington Business Journal reported. The two properties add nearly 430,000 square feet to Meridian’s D.C.-area portfolio.
Developer of The Boro mixed-use project in Tysons, Meridian bought 1951 Kidwell Dr. for $24 million and 1953 Gallows Rd. for $34.25 million, according to public records. 1951 Kidwell is a 75% leased, eight-story, 172,957-square-foot office building. The latter property is also eight stories, 256,714 square feet and 55% leased.
“These buildings fit into Meridian’s existing Tysons portfolio as a compelling value alternative for cost-conscious tenants that are priced out of office buildings closer to Metro,” said Gary Block, Meridian partner and CIO.
Eastdil Secured brokered the sale. Meridian plans “a modest renovation” as it works toward leasing up the existing vacancies.
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Tags: Acquisition, Office
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